Solana-Based Crypto Trading Platform Mango Markets Primed To Cut Deal With Hacker Behind $100,000,000 Exploit

Solana-Based Crypto Trading Platform Mango Markets Primed To Cut Deal With Hacker Behind $100,000,000 Exploit

Alt coin
October 16, 2022 by keithhill530
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[ad_1] A Solana-based (SOL) crypto trading platform is ready to cut a deal with the hacker that allegedly stole millions of dollars from its network. According to a recent update, the hacker and the Mango Markets DAO (decentralized autonomous organization) have come to terms in a deal that will see the bad actor return a
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A Solana-based (SOL) crypto trading platform is ready to cut a deal with the hacker that allegedly stole millions of dollars from its network.

According to a recent update, the hacker and the Mango Markets DAO (decentralized autonomous organization) have come to terms in a deal that will see the bad actor return a portion of the exploited funds as a means of avoiding criminal prosecution.

The proposal, which will be voted on by Mango’s governance board, would have the hacker return a medley of crypto assets worth about $47 million back to the trading platform, including Bitcoin (BTC), Solana, Serum (SRM), Ethereum (ETH), FTX Token (FTT), Binance Coin (BNB), Mango (MNGO), Marinade Staked Solana (mSOL), and stablecoin USD Coin (USDC).

The hacker has been instructed to return the virtual assets to crypto wallets belonging to the Mango council.

“Within 12 hours of the proposal opening, you shall send back the assets other than USDC, MSOL, MNGO, and SOL as a show of good faith. The remaining assets shall be sent within 12 hours once the vote is complete and passes.

The funds sent by you and the Mango DAO treasury will be used to cover any remaining bad debt in the protocol. All Mango depositors will be made whole.

By voting for this proposal, Mango token holders agree to pay off the bad debt with the treasury, and waive any potential claims against accounts with bad debt, and will not pursue any criminal investigations or freezing of funds once the tokens are sent back as described above.”

Other digital assets contained in the deal include Avalanche (AVAX), STEPN (GMT), and Raydium (RAY).

Earlier this week, Mango Markets said it was hacked after a fraudster figured out a way to manipulate the price of its native asset MNGO, withdrawing $100 million worth of crypto assets from the exchange.

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Featured Image: Shutterstock/zeber



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